Encore aiming for paradigm shift in banking space
- October 5, 2016
- Posted by: EncoreAdmin123
- Category: Finance & accounting, Uncategorized
Published in Elets BFSI Post Magazine
With fast adoption of technology in banking sector, it is important to provide solutions which can cater what is needed as per the size, requirement and location of a bank, says Narayan Viswanathan, Executive Director & Global Head (Sales & Marketing) Encore Theme Technologies, in an interview with Elets News Network (ENN)
What is Encore Theme Technologies about? Kindly throw some light about its presence in India?
It’s a decade long company formed in 2006. A number of technology providers and the bankers, who are in technology space, came together to create something that is not only exposed in India but also exposed beyond the Indian shores. The enterprise was formed to serve the banking sector for technology. One of the crucial offerings for us is our partnership with one of the leading banking solution providers called Misys.
We primarily represent the partnership for Misys in transaction banking in the Middle East, South Asia and Asia Pacific. We have seen a wave that is beyond the retail wave and the real change we see is in corporate and transaction banking space. We play a crucial role here by bringing Mysis Technology into the Indian banking space. We are doing well in Middle-East and Asia-pacific and we see a good traction in the Indian banks which are rethinking on the way to transaction in banking technologies.
Here, at the summit, leaders from different organisations had put together the dynamics which are changing in the transaction banking space such as things are becoming cashless and the workflow steps are getting eliminated. All these need solutions which can cater to this change and we represent the leading solution provider, Misys which proactively invest a lot in getting ready the solutions for this dynamics. We are privileged to be already associated with at least four large banks in India like State Bank of India and with private banks such as Indusind and kotak.
What are the key growth drivers for your business?
For Encore team, the key drivers will be the change which will come in the digitisation space. There are still so many banks with all the discussion happening around, such as consolidation in the market, many dynamic changes in the transaction banking and an expected revolution around corporate banking. The way banks are looking at serving the corporate customers is going through a paradigm shift that will be another key growth driver.
Is the scenario different in case of cooperative banks?
Mysis has openly supported us to provide all the solutions on cloud and OPEX model. But IT providers have to be more affordable to the banks which can’t take up a large CAPEX appetite. It is important as along with core systems, banks have to take care of infrastructure, the need for security and many other threats so they cannot afford a large and very costly structure to run.
If everything is provided as service then it is good. Mysis, HP and Encore Team are seriously evaluating, looking at South Asian banks, how we can bring the transaction banking solution on a cloud model. We are open to convert innovative pricing model for these banks, to allow them to afford such OPEX.